This course is aimed at developing the understanding of students about “development” and “underdevelopment”. It will be divided into two broad parts. The first part will focus on the critical analysis of the definition and various measurements of development and key concepts related to it like human development, poverty, and inequality. This part will also discuss the consequences of poverty, income, gender, and racial inequalities, and pandemic on human development. The second and the most significant part of this course will highlight the core theories of economic development of human society including (i) Classical Theories of Development: Adam Smith and Ricardian views on Trade & Development, (ii) Marxian vs Rostow Stages of Development, (iii) Extended-Marxian Theories of Capitalist Development (Michał Kalecki, Paul Sweezy, Paul Baran, Rudolf Hilferding, Samir Amin), (iv) Theories of Structural Change, Technology, Growth, and Migration.